TIDMNANO
RNS Number : 0843Z
Nanoco Group PLC
12 September 2022
For Immediate Release 12 September 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) AS THE
SAME HAS BEEN RETAINED IN UK LAW AS AMENDED BY THE MARKET ABUSE
(AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR").
NANOCO GROUP PLC
(" Nanoco ", the "Company" or the "Group" )
Trading Update - FY23 outlook likely to significantly exceed
expectations
Directorate Change
Nanoco Group plc (LSE: NANO), a world leader in the development
and manufacture of cadmium-free quantum dots and other specific
nanomaterials emanating from our technology platform, today
announces an improving outlook for revenue for the year ended 31
July 2023 ("FY23") and a change in Non-Executive membership of the
Board.
Trading outlook:
The Group has secured robust order intake in recent months.
Longer term visibility has been generated by our previously
announced full year contract with the European electronics customer
for development and scale up services. This has since been
supplemented with additional purchase orders for development and
validation materials.
In addition, other existing customers have continued development
programmes with an associated increase in demand for further
materials. The additional development work package and material
orders with the major Asian chemical customer that were announced
on 6 June as being under discussion have now been agreed.
This robust order intake means that revenue in FY23 is likely to
significantly exceed the Board's previous expectations and FY22
revenue by around 20%.
Directorate change:
Henry Turcan, Non-Executive Director and representative of
Lombard Odier Asset Management, the Group's largest shareholder,
has informed the Company that he wishes to step down from the Board
with immediate effect.
Commenting on the trading outlook, Brian Tenner, Chief Executive
of Nanoco, said:
"We continue to deliver steady incremental growth in the
provision of development services and small scale volumes of
materials for testing, engineering device samples and operational
sampling activities by a number of sensing customers pending
visibility of potential commercial production orders.
"We are also seeing an increase in enquiries around Nanoco's
unique and patent protected CFQD(R) quantum dots which may lead to
small scale development work in the short term, reflecting the
increased validation of, and potential applications for Nanoco's
technologies."
Commenting on the directorate change, Chris Richards, Chairman
of Nanoco, said:
"I would like to place on record our thanks to Henry for his
contribution to the Board. He leaves the Board at a time when the
Group has funding in place beyond the point in time when the Group
expects to become self-financing. We will continue to work with
Henry and his colleagues at Lombard Odier, our largest shareholder,
and remain grateful for their continuing support. I know they, like
us, are extremely excited about the forthcoming trial and the
Company's longer term prospects."
- Ends -
For further information, please contact:
Nanoco Group PLC :
Brian Tenner, CEO +44 (0) 161 603 7900
Liam Gray, CFO & Company Secretary +44 (0) 161 603 7900
Peel Hunt (Joint Corporate Broker):
Paul Gillam +44 (0) 20 7418 8900
James Smith
Turner Pope Investments (Joint Corporate Broker):
Andrew Thacker +44 (0) 20 3657 0050
James Pope
MHP Communications : +44 (0) 203 128 8570
Reg Hoare
Pete Lambie
nanoco@mhpc.com
The person responsible for arranging for the release of this
announcement on behalf of Nanoco is Liam Gray, Company
Secretary.
MAR
This Announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) 596/2014 which is
part of UK law by virtue of the European Union (withdrawal) Act
2018. Upon the publication of this announcement via a Regulatory
Information Service, this inside information will be considered to
be in the public domain.
Notes for editors:
About Nanoco Group plc
Nanoco (LSE: NANO) harnesses the power of nano-materials.
Nano-materials are materials with dimensions typically in the range
1 - 100 nm. Nano-materials have a range of useful properties,
including optical and electronic. Quantum dots are a subclass of
nano-material that have size-dependent optical and electronic
properties. The Group produces quantum dots and other
nano-materials. Within the sphere of quantum dots, the Group
exploits different characteristics of the quantum dots to target
different performance criteria that are attractive to specific
markets or end-user applications such as the Display, Sensor and
Electronics markets. An interesting property of quantum dots is
their absorption spectrum. Nanoco's HEATWAVE(TM) quantum dots can
be tuned to absorb light at different wavelengths across the
near-infrared spectrum, rendering them useful for applications
including image sensors. Another interesting property of quantum
dots is photoluminescence: the emission of longer wavelength light
upon excitation by light of a shorter wavelength. The colour of
light emitted depends on the particle size. Nanoco's CFQD(R)
quantum dots are free of cadmium and other toxic heavy metals, and
can be tuned to emit light at different wavelengths across the
visible and infrared spectrum, rendering them useful for a wide
range of applications including displays, lighting and biological
imaging.
Nanoco was founded in 2001 and is headquartered in Manchester,
UK, with a US subsidiary, Nanoco Inc., in Concord, MA. Nanoco
continues to build out a world-class, patent-protected IP portfolio
generated both by its own innovation engine, as well as through
acquisition.
Nanoco is listed on the Main Market of the London Stock Exchange
and trades under the ticker symbol NANO. For further information
please visit: www.nanocotechnologies.com.
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END
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